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Vstop Slovenije v Evropsko unijo je povečal možnosti trgovanja z ostalimi državami članicami, s tem pa so se povečale dejavnosti, ki so s seboj prinesle nove priložnosti in s tem pritegnile številne bodoče podjetnike. Ena izmed teh je tudi ustanovitev družbe z omejeno odgovornostjo v tujini. Gre za najbolj razširjeno vrsto družbe v Sloveniji, saj jo ustanovitelji lahko ustanovijo z majhnim ustanovitvenim kapitalom. As Slovenia become a member of European Union, the trading between Slovenia and other European members has increased. This has enabled the increase of activities, that have brought the eye of many future enterpreneurs. One of the possibilities is establishing a limited liability company (LLC) abroad. It is the most spreading kind of companies in Slovenia, as the founders of a company are suited to establish a company with low capital.

Ena od možnosti vstopa multunacionalk na trg je ustanovitev podružnice. Izpostavili smo posebnosti podružnic oz. poslovnih enot, in sicer tako vsebinsko mednarodno vpetost kot posebno poslovno ureditev. Predstavili smo zakonske in računovodske podlage, ki opredeljujejo delovanje tujih podružnic v Sloveniji, ter njihove pravice in obveznosti, pregledali tiste člene zakonov, ki neposredno vplivajo na vse slovenske družbe in na različnih področjih pokrivajo tudi podružnice. Pri ugotavljanju, ali je to področje tujih podružnic dovolj urejeno, smo se naslonili predvsem na ZDDOP-2, Uredbo o vpisu družb in drugih pravnih oseb v sodni register, Vzorčno konvencijo OECD, ZDDV in nekaj sodb na sodiščih. Če pogledamo po sektorjih je največ tujih podružnic v na področju trgovine, sledijo pa ji strokovne in tehnične dejavnosti ter gradbeništvo. Izračunali smo kazalnike: velikost, opremljenost dela s sredstvi, gospodarnost, donosnost, produktivnost, stroški dela ter financiranje in plačilno sposobnost vseh opazovanih podjetij – podružnic v Sloveniji v obdobju 2010-2013 ter jih primejali z vsemi slovenskimi družbami. Po teh kazalnikih smo ugotovljali uspešnost tujih podružnic z vsemi podjetji v Sloveniji tudi za vsak sektor gospodarstva posebej v tem istem obdobju. One option for multinational companies to enter new market is the establishment of a branch. We highlight the particularities of branches or. business units, both as substantive international integration view and as specific separate business arrangements that are particularly for branches. We presented the legal and financial bases which define the operation of foreign companies in Slovenia, as well as their rights and obligations, and reviewed those articles of laws that directly affect all Slovenian companies and in different areas are also covered for the foreign branches. In order to determine if this area of foreign branches is sufficiently regulated, we are mainly leaned on ZDDOP-2, Regulation on the registration of corporations and other legal entities in the register of the curt, OECD Model Convention, VAT law and some judgments of the courts. If we look trough the sectors most foreign subsidies do business in Slovenia in trade sector and the automotive industry, follow professional, scientific and technical activities and construction sector. We calculated indicators for: size, features works by means of economy, profitability, productivity, labor costs, financing and solvency of all surveyed companies - subsidiaries in Slovenia in the period 2010-2013 and made a comparison with all Slovenian companies. From these indicators we determined the effectiveness of foreign branches versus all enterprises in Slovenia especially for every sector of the economy in this same period.

Tako prikrita kot odkrita izplačila dobičkov so pri družbi z omejeno odgovornostjo dovoljena, če se z njimi ne poseže v premoženje družbe, ki je potrebno za ohranitev vezanega lastnega kapitala. O prikritem izplačilu dobička govorimo takrat, ko družba družbeniku prikrito izvrši izplačilo z dajatvami ali storitvami, katerih podlaga je določen pravni posel in je pri tem nasprotna uresničitev družbenika v celoti davčnopravno nepriznana. Družbenik pridobi korist, ki navzven ni vidna, kot izplačilo dobička. Takšno izplačilo lahko prejme neposredno sam ali posredno preko tretje osebe. Po ZDDPO - 2 so prikrita izplačila dobičkov uvrščena v predpostavko t.i. dividendam podobni dohodki – dohodki, ki niso družbeniku izplačani v smislu klasične dividende. Po ZDDPO - 2 na katerega se sklicuje tudi ZDoh - 2 se prikrita izplačila izvršijo osebi, ki je kvalificirani družbenik, ki ima več kot četrtinski lastniški delež v zavezancu, upravljanju ali nadzoru, kar mu omogoča tolikšen vpliv na delovanje zavezanca, da prikrito izplačilo lahko uveljavi na prikrit način. Motiv za prikrito izplačilo dobička je lahko poleg ekonomskih razmišljanj tudi davčne narave. A limited liability company is a legal entity, responsible with its all assets. In the limited liability company upfront and hidden payments are allowed, as long as they do not interfere into the company’s assets that are necessary to maintain its tied up prime capital. We speak about the hidden profit payments when the company secretly carries out payments to a shareholder with taxes or services, which are based on a specific legal business, and where in the process the opposite realisation of the shareholder is completely tax unacknowledged. The shareholder gains a benefit which is not visible outwards as a profit payment. This kind of payment can be received directly or indirectly through a third person. According to the ZDDPO-2, the hidden payments are put into the assumption of the income similar to dividends – income that is not paid to the shareholder as a classic dividend. According to the ZDDPO-2, to whom refers also the ZDoh-2, the hidden payments are carried out to a person who is a qualified shareholder with more than a quarterly ownership share in a taxpayer, management or control. All that gives him a great power to influence the working process of the taxpayer so that he can enforce the hidden payment in a secret way. A motive for hidden profit payments can be found not only in economic thinking but also in tax related motives.

Korporacijsko upravljanje zajema standarde za sprejemanje odločitev v družbi, dolžnosti upravnega odbora in menedžmenta, notranjo strukturo družbe ter razmerje med družbo in njenimi deležniki. Področje korporacijskega upravljanja je postalo še posebej zanimivo in aktualno v času finančne krize in propadov številnih gospodarskih družb. V času finančne krize in iskanju vzrokov zanjo je še posebnega pomena korporacijsko upravljanje finančnih institucij, predvsem bank, sploh glede na pomembno vlogo finančnega posredništva bank v gospodarstvu, njihovo visoko občutljivost na morebitne težave, ki so posledica neučinkovitega korporacijskega upravljanja, še posebej pa glede na potrebo, da se zavaruje sredstva vlagateljev. Posledično je za to področje potrebno, da se uredi z raznimi smernicami, načeli in navodili za korporacijsko upravljanje. Številne smernice korporacijskega upravljanja so obstajale že pred finančno krizo, vendar pa te smernice niso vplivale na preprečitev ali vsaj ublažitev finančne krize, zato se postavljajo vprašanja, kaj je šlo narobe. V iskanju odgovorov na vprašanja, ki jih je izzvala finančna kriza, je Komisija pripravila Zeleno knjigo o korporativnem upravljanju v finančnih institucijah in politiki prejemkov, v kateri je poudarila, da je krepitev korporacijskega upravljanja ključnega pomena v njenem programu reforme finančnega trga in preprečevanja krize. V Zeleni knjigi je obdelala pomanjkljivosti korporacijskega upravljanja, ki se nanašajo na funkcijo upravnega odbora, funkcijo delničarjev, funkcijo nadzornih organov in zunanjega revizorja, funkcije, povezane z obvladovanjem tveganj, učinkovito implementacijo načel korporacijskega upravljanja, navzkrižje interesov ter prejemke vodstev družb. Svojim ugotovitvam je dodala tudi predloge za prihodnost in povprašala javnost o njenem pogledu na obravnavano tematiko. V raziskavi smo povzeli ugotovljene pomanjkljivosti korporacijskega upravljanja, ki jih je Komisija izpostavila v Zeleni knjigi, možne rešitve za prihodnost, ki jih je predlagala Komisija, vprašanja Komisije, naslovljena na javnost, in odgovore na ta vprašanja. Corporate governance is encompassing the standards for decision-making within a financial institution, the duties of the board and the management, the internal structure of the financial institution and the relationships between the financial institution and its stakeholders. The field of corporate governance has become of special interest in the financial crisis and in the time of numerous companies’ bankruptcies. The corporate governance of the financial institutions, especially banks, is specifically important in the financial crisis and when seeking its causes, due to its important role in financial intermediation in economy, their high sensitivity to potential problems as a consequence of the inefficient corporate governance, and especially due to the need to protect investors’ funds. Consequently, it is important to regulate this field with principles and rules of corporate governance. There were many well developed principles already before the financial crisis, however, the observance of the existing corporate governance principles by financial institutions did not prevent or contributed to mitigating the financial crisis. The questions on what went wrong have been posed. Those questions have been addressed also by the European Commission, which has published the Green Paper on corporate governance in financial institutions and remuneration policies, where it has emphasized that strengthening corporate governance is at the heart of its programme of financial market reform and crisis prevention. In the Green Paper she discussed the weaknesses of the corporate governance with respect to the boards of directors, the role of shareholders, the role of supervisory authorities and external auditor, the problem of effective implementation of corporate governance principles, the conflict of interest and the remuneration policy. It added suggestions for the future and asked the public about its view on the discussed issues. In this study we summarized the corporate governance weaknesses identified by the European Commission outlined in the Green Paper, the possible solutions for the future, proposed by the Commission, the Commission's questions addressed to the public, and the answers to these questions.

V diplomski nalogi sem predstavil teoretični okvir prevzemov ter delovanja in sestave delniških družb. Nadalje so predstavljene pravice delničarjev, ki jih le-ti uživajo na osnovi lastništva delnic. Znotraj pravic vseh delničarjev se pojavlja manjša skupina ljudi, ki pa zaradi premajhnega deleža glasovalnih pravic ne morejo vplivati na odločitve v družbi, čeprav jih te odločitve prizadenejo. Končno so predstavljene možnosti, ki jih imajo manjšinski delničarji za zavarovanje svojih interesov nasploh, pa tudi postopek iztisnitve in izstopa malih delničarjev iz družbe in njihove možnosti za dosego ustrezne višine denarne odpravnine. In my thesis I introduced theory of mergers and acquisitions. I also introduced how joint stock company is composited and how it works. Furthermore I gave a short explanation about shareholders' rights. In every company there is a small group of people who doesn't have an influence on taking important decisions though they have an impact to their rights. Those, so called minority shareholders, can also be squeezed-out or sold-out if they get apropriate compensation instead.